State Bank of India (SBI) has introduced a mobile payment solution, known as mVisa, for offline transactions.

The new cardless payment app will allow users to execute digital payments at offline stores by scanning a QR (quick response) code on their smartphones.

The service has been rolled out in Bengaluru and will soon expand into other cities.

SBI customers can now make easy payments to merchants by scanning a QR code image, thus eliminating the need to swipe the physical card at a POS terminal.

The lender said that any mVisa customers of any bank can transact with any mVisa merchant and similarly any mVisa merchant can accept a payment from mVisa customers of any bank.

SBI deputy managing director and COO Manju Agarwal said: "With the availability of smart phones increasing by leaps and bounds, mobile based payments in India have to rise in a big way.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"The introduction of mVisa, a convenient scan and pay based option, to our existing customers (including merchant customers) is one more step towards providing more convenience to our customers.

"This cost effective digital offering will not only provide our large base of consumers with an easy, convenient and secure payment product but will also facilitate small merchants with any-time payments, thereby changing the way businesses transact and customers pay."